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Reuben brothers invest £19 million in Modular developer project etopia

Reuben Brothershas invested £19 million in modular house builder Project Etopia, it is revealed today.

It is the largest investment yet received by Project Etopia — a major endorsement of the firm and the wider offsite-construction industry. 

Reuben Brothers are leaders in private equity, real estate investment and development, and debt financing.

Their latest £19 million investment will enable Project Etopia to accelerate its rapid expansion plans, with further developments and global opportunities in the pipeline. 

The company, headquartered in Cambridge, was founded in 2015 and received its first significant investment from hedge fund manager Lord Stanley Fink, who has formerly held roles as Conservative party treasurer, CEO of active investment management firm Man Group and Chairman of investment manager ISAM Europe.

Project Etopia specialises in modular homes that combine energy-efficient passive design, affordability, rapid construction, renewable energy generation and storage, as well as intelligent heating and cooling systems. A panelised build system means the amount of time spent on site and during the construction phase is lowered significantly. 

The company believes Modern Methods of Construction (MMC) are a key solution to solving the worldwide housing crisis. Its first major development, a 47-unit residential scheme in Corby, Northamptonshire, has been chosen as one of five ‘Building for 2050’ research projects funded by the Department for Business, Energy & Industrial Strategy and is a model of how communities of the future can be developed quicker and more affordably. 

Project Etopia, led by CEO and founder Joseph Daniels, has passed a number of key milestones in 2019:

  • Appointed Lord Stanley Fink as its chairman, and expanded its board to include real estate officer Andrew Southern, chief technical officer Mike Mapston and Alex Fink as board adviser
  • Begun marketing homes in its modular commuter village in Corby, Northamptonshire, where this month the first of its 47 eco homes was completed
  • Secured agreement to build a demonstration home at BRE’s Watford Innovation Park in September
  • Opened a new factory in Ellesmere Port, Cheshire, with a capacity to produce 2,000 panelised homes per year

A spokesperson for Reuben Brothers, commented:

“Project Etopia has set out its stall in building elegantly-designed, high quality eco homes and is already demonstrating how its vision aims to make a big impact to address the UK’s housing crisis.

“The company has enormous ambition to revolutionise the housing industry, and we are pleased to support an important pioneer in the sector.  The day when offsite construction arrives as a mainstream method within house building is drawing ever closer and our investment will provide Etopia the resource needed to deliver on its goals as soon as possible.”

Joseph Daniels, CEO of Project Etopia, added: 

“Reuben Brothers’ significant investment in Project Etopia is a huge endorsement by an eminent investor of what we are doing and marks an enormous milestone in the company’s history.

“There is no place for poor quality housing in the UK, and we are demonstrating that high-quality affordable housing can be built at great speed with a drastically smaller environmental footprint. With a growing pipeline of future projects, this latest investment will ensure we can take full advantage of the demand which exists for new homes that use the latest offsite techniques.”